Merlin Asset Management
Merlin Asset Management Strategy Performance as of December 31, 2025
Merlin Asset Management earns PSN Top Guns awards for Q4 2025 across concentrated growth strategies #PSNTopGuns #AssetManagement #GrowthInvesting
NEWPORT, RI, UNITED STATES, March 13, 2026 /EINPresswire.com/ — Merlin Asset Management, an independent investment firm specializing in concentrated, high-conviction growth strategies, announced today it has been named to the celebrated PSN Top Guns List of best-performing separate accounts for Q4 2025. The firm earned six distinctions across its three concentrated 25-stock strategies within the PSN Large Growth and Small-Mid Growth Universes. This marks the 12th consecutive year Merlin has been honored on PSN’s quarterly lists, a service from leading investment data provider Zephyr.
The highly anticipated list remains a key reference for investors and asset managers. PSN Top Guns rankings are calculated using Zephyr’s proprietary methodology, based on returns for the period ending December 31, 2025.
PSN Large Growth Universe — 5 Distinctions
Merlin Dynamic Growth (MO25V) earned top-ten recognition for both the 1-Quarter and 1-Year periods in the Large Growth Universe. For the year ending December 31, 2025, MO25V returned 12.72% for the quarter and 34.58% net of fees for the year versus 13.41% for the Invesco S&P 500 Pure Growth ETF benchmark — an outperformance of over 21 percentage points.
Merlin Focused Growth (MO25M) was named a Bull & Bear Master in the Large Growth Universe, recognizing its ability to deliver strong returns in both rising and falling markets. The strategy also earned 1-Quarter and 1-Year distinctions. For the year, MO25M returned 29.85% net of fees versus 13.41% for the benchmark. Its 3-year annualized net return of 31.73% further reflects sustained long-term outperformance.
PSN Small-Mid Growth Universe — 1 Distinction
Merlin Focus SMID Cap Growth (MSMID25) earned 1-Year recognition in the Small-Mid Growth Universe. MSMID25 returned 20.84% net of fees for 2025 versus 9.59% for its custom blended benchmark — more than doubling the benchmark’s return.
“We are honored to receive six distinctions across all three of our concentrated strategies for Q4 2025, particularly the Bull & Bear Master recognition for our Merlin Focused Growth MO25M strategy,” said Michael Obuchowski, Ph.D., Founder and Chief Investment Officer of Merlin Asset Management. “In a quarter characterized by heightened uncertainty — from the prolonged government shutdown to evolving trade dynamics — these results reflect the strength of our neuroscience-informed, conviction-driven process. Each of our strategies holds just 25 high-conviction positions, and this concentrated approach is central to our ability to generate meaningful outperformance.”
Important Disclosures
Third-Party Rating: The PSN Top Guns rankings are created, calculated, and tabulated by Zephyr, a subsidiary of Informa plc (LSE: INF). Rankings are for Q4 2025, based on the period ending December 31, 2025, and are published quarterly. Rankings are based on strategy returns reported to the PSN database.
The PSN Top Guns List ranks products in six proprietary categories in over 75 universes based on continued performance over time:
1-Quarter Category (1 Star): The strategy ranked in the top ten within its respective universe based on quarterly returns.
1-Year Category (2 Stars): The strategy ranked in the top ten for one year in its respective universe.
Bull & Bear Master: The strategy demonstrated strong performance in both rising and falling markets, highlighting effective upside capture and downside protection.
Merlin Asset Management did not pay a fee to participate in the ranking or in connection with obtaining or using the third-party rating. A complete overview of the PSN Top Guns methodology is available at the PSN Top Guns methodology page.
GIPS Compliance: Merlin Asset Management claims compliance with the Global Investment Performance Standards (GIPS). Each strategy referenced herein is maintained as a separate GIPS composite. To obtain a compliant presentation, contact Merlin Asset Management.
Performance: Performance is presented gross- and net-of-fees. All periods greater than one year are annualized. Gross returns are gross of management fees and net of transaction costs. Net returns are net of actual management fees and transaction costs. Results are based on fully discretionary accounts, including those no longer with the firm. Inception dates: MO25V — October 31, 2012; MO25M — November 30, 2012; MSMID25 — December 31, 2019. The standard fee schedule is 1.35% on assets up to $1M, 1.00% from $1M-$5M, 0.80% from $5M-$10M, and negotiable above $10M. MO25V and MO25M are benchmarked against the Invesco S&P 500 Pure Growth ETF (RPG). MSMID25 is benchmarked against a custom blend of 50% Invesco S&P MidCap 400 Pure ETF (RFG) and 50% Invesco S&P SmallCap 600 Pure Growth ETF (RZG). ETF expense ratios: 0.35% as of December 24, 2025.
Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. The PSN Top Guns rankings do not represent the experience of any individual client.
About Merlin Asset Management
Merlin Asset Management is an independent, employee-owned investment management firm that builds concentrated, high-conviction portfolios of the world’s most innovative growth companies. Our approach is different by design, born from our founder’s journey from clinical psychology to finance. We blend a data-driven investment process with insights from neuroscience to mitigate cognitive biases and identify opportunities others may miss. The result is a suite of benchmark-agnostic, low-turnover strategies built to deliver superior, long-term returns.
About PSN
For over four decades, PSN has been a premier resource for investment professionals. The PSN SMA database comprises over 2,800 firms, 285 universes, and more than 21,000 products with over 40 years of historical data.
Michael Obuchowski
Merlin Asset Management
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